Duplex Investment
123 E WATER Street Middletown, PA 17057
For Sale
$186,900
MULTI_FAMILY - Colonial - MIDDLETOWN, PA
Property Size1,460 SF
Lot Size0.08 Acres
Price / SF$128.01
Days on Market97
Property Features for 123 E WATER Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Interior features
Attic, Bathroom - Tub Shower, Entry Level Bedroom, Floor Plan - Traditional, Wood Floors
Appliances
Refrigerator, Stove
Standard status
Active
Size
1,460 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2789
Utilities
Heating system
Radiant
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Iron Valley Real Estate of Lancaster
(717) 740-2221
Listed By:
Heather Mellinger · License #RS315276
(717) 371-7616
Added: Apr 23
Changed: Jul 28
Last Checked: Jul 28 at 9:06PM
MLS# PADA2059144
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers an investor-friendly “open canvas” layout with several improvements already started. The roof has been replaced, and the windows in the first- and second-floor living areas have been updated. Each unit has its own separate electric service that includes heat, and the property also has natural gas hot water. Both apartments include outside space for tenants to sit and enjoy the outdoors.
The property is located at 123 E WATER Street in Middletown, Pennsylvania (Dauphin County). As currently set up, the first-floor and second-floor apartments are leased at $840 and $800 per month, respectively (reported for last year, as is). The owner also previously intended to convert the attic into a second bedroom for the upstairs apartment, which could be considered by a buyer during renovations.
The property is located at 123 E WATER Street in Middletown, Pennsylvania (Dauphin County). As currently set up, the first-floor and second-floor apartments are leased at $840 and $800 per month, respectively (reported for last year, as is). The owner also previously intended to convert the attic into a second bedroom for the upstairs apartment, which could be considered by a buyer during renovations.
Key Highlights
- New roof already installed.
- Separate electric meters for each unit (includes heat).
- Potential to add a second bedroom to the upstairs apartment by renovating the attic.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $20.1k | $13.80 |
| − Vacancy | −$1.5k | −$1.05 |
| EGI | $18.6k | $12.75 |
| − OpEx | −$5.6k | −$3.83 |
| NOI | $13.0k | $8.93 |
1,460 SF · lease $13.80/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$186.2K
$162.9K – $217.2K
NOI $13,032 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$165.9K
$145.2K – $193.6K
NOI $11,613 @ 7.0% cap · market cap 6.21%
Theoretical Best
Specialty Retail
$2.69M
$2.35M – $3.14M
NOI $188,231 @ 7.0% cap · market cap 100.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Duplex with separate electric service per unit, natural gas hot water, and outdoor space for each side.
Where is this duplex located?
The property is located at 123 E WATER Street Middletown, PA.
What is the asking price?
The asking price for this property is $186,900.
What are key features of this property?
This property features: New roof already installed.; Separate electric meters for each unit (includes heat).; Potential to add a second bedroom to the upstairs apartment by renovating the attic.
